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That represents a big hike from the current credit of $2,000.
Vice President Kamala Harris, the 2024 Democratic presidential nominee, also supports an expanded CTC,Newsweekreported.
Both plans might be a hard sell because of the cost to the government, however.
Thats a tremendous amount of money.
For now, many U.S. households must make do with the $2,000 federal credit.
Here are six states that would benefit the least from Vances proposal because they already have generouschild tax creditprograms.
It provides up to $1,117 to eligible families with yearly earned income of $30,931 or less.
This is a refundable credit.
The tax credit maximum is $1,200 and is refundable.
The credit phases out above these income thresholds.
Families earning $25,000 a year or less receive the full credit.
Utah
Utahs Child Tax Credit lets eligible families claim up to $1,000 per child each year.
This credit is for children ages one through three.
The credit phases out at incomes above these thresholds.
Households earning $125,000 to $175,000 receive a reduced amount.
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